Template:ISDA New York Law Credit Support Annex 2016 3(b): Difference between revisions
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{{nyvmcsaprov|3(b)}} '''{{nyvmcsaprov|Return Amount (VM)}}'''. Subject to Paragraphs 4 and 5, upon a demand made by the {{nyvmcsaprov|Pledgor}} on or promptly following a {{nyvmcsaprov|Valuation Date}}, if the {{nyvmcsaprov|Return Amount (VM)}} for that {{nyvmcsaprov|Valuation Date}} equals or exceeds the {{nyvmcsaprov|Secured Party}}’s {{nyvmcsaprov|Minimum Transfer Amount}}, then the {{nyvmcsaprov|Secured Party}} will {{nyvmcsaprov|Transfer}} to the {{nyvmcsaprov|Pledgor}} {{nyvmcsaprov|Posted Credit Support (VM)}} specified by the {{nyvmcsaprov|Pledgor}} in that demand having a {{nyvmcsaprov|Value}} as of the date of {{nyvmcsaprov|Transfer}} as close as practicable to the applicable {{nyvmcsaprov|Return Amount (VM)}} (rounded pursuant to Paragraph {{nyvmcsaprov|13}}). Unless otherwise specified in Paragraph {{nyvmcsaprov|13}}, the “'''{{nyvmcsaprov|Return Amount}}'''” applicable to the {{nyvmcsaprov|Secured Party}} for any {{nyvmcsaprov|Valuation Date}} will equal the amount by which:<br> | {{nyvmcsaprov|3(b)}} '''{{nyvmcsaprov|Return Amount (VM)}}'''. Subject to Paragraphs {{nyvmcsaprov|4}} and {{nyvmcsaprov|5}}, upon a demand made by the {{nyvmcsaprov|Pledgor}} on or promptly following a {{nyvmcsaprov|Valuation Date}}, if the {{nyvmcsaprov|Return Amount (VM)}} for that {{nyvmcsaprov|Valuation Date}} equals or exceeds the {{nyvmcsaprov|Secured Party}}’s {{nyvmcsaprov|Minimum Transfer Amount}}, then the {{nyvmcsaprov|Secured Party}} will {{nyvmcsaprov|Transfer}} to the {{nyvmcsaprov|Pledgor}} {{nyvmcsaprov|Posted Credit Support (VM)}} specified by the {{nyvmcsaprov|Pledgor}} in that demand having a {{nyvmcsaprov|Value}} as of the date of {{nyvmcsaprov|Transfer}} as close as practicable to the applicable {{nyvmcsaprov|Return Amount (VM)}} (rounded pursuant to Paragraph {{nyvmcsaprov|13}}). Unless otherwise specified in Paragraph {{nyvmcsaprov|13}}, the “'''{{nyvmcsaprov|Return Amount}}'''” applicable to the {{nyvmcsaprov|Secured Party}} for any {{nyvmcsaprov|Valuation Date}} will equal the amount by which:<br> | ||
:(i) the {{nyvmcsaprov|Value}} as of that {{nyvmcsaprov|Valuation Date}} of all {{nyvmcsaprov|Posted Credit Support (VM)}} held by the {{nyvmcsaprov|Secured Party}} <br> | :(i) the {{nyvmcsaprov|Value}} as of that {{nyvmcsaprov|Valuation Date}} of all {{nyvmcsaprov|Posted Credit Support (VM)}} held by the {{nyvmcsaprov|Secured Party}} <br> | ||
:exceeds<br> | :exceeds<br> | ||
:(ii) the {{nyvmcsaprov|Secured Party}}’s {{nyvmcsaprov|Exposure}}.<br> | :(ii) the {{nyvmcsaprov|Secured Party}}’s {{nyvmcsaprov|Exposure}}.<br> | ||
Latest revision as of 10:38, 14 January 2020
3(b) Return Amount (VM). Subject to Paragraphs 4 and 5, upon a demand made by the Pledgor on or promptly following a Valuation Date, if the Return Amount (VM) for that Valuation Date equals or exceeds the Secured Party’s Minimum Transfer Amount, then the Secured Party will Transfer to the Pledgor Posted Credit Support (VM) specified by the Pledgor in that demand having a Value as of the date of Transfer as close as practicable to the applicable Return Amount (VM) (rounded pursuant to Paragraph 13). Unless otherwise specified in Paragraph 13, the “Return Amount” applicable to the Secured Party for any Valuation Date will equal the amount by which:
- (i) the Value as of that Valuation Date of all Posted Credit Support (VM) held by the Secured Party
- exceeds
- (ii) the Secured Party’s Exposure.